[isatrader]

Silver stocks saw some volume come into them today which lead to a few more Stage 2A breakouts in the sector. One of which was SIL, which is the Global X Silver Miners ETF, and so shows the silver stocks as a whole are starting to wake up following Golds continuing strength.

SIL's top ten holding are:

13.08% Fresnillo
12.84% Silver Wheaton
11.69% Tahoe Resources
8.68% Industrias Penoles
5.39% Pan American Silver
5.28% First Majestic Silver
5.25% Coeur Mining
5.16% Alamos Gold
4.83% Polymetal International
4.80% Hecla Mining

SIL made a Stage 2A breakout, although it still has resistance zone to work through, and is extended short term. But a strong positive imo, is that it had a failed Stage 4 continuation breakdown in January, before strongly reversing and now making the Stage 2A breakout on volume. A failed breakdown and then quick reversal is often a strong sign of bottom imo.

The monthly chart is still in Stage 4B, but with the Stage 2A breakout attempt, it looks like it could be upgraded to a Stage 4B- on the monthly.

           

EXK (Endeavour Silver) also made a Stage 2A breakout today and is showing a very similar pattern to the SIL ETF above. Relative performance is moving above a flattening zero line and volume was 2x the weekly average on this weeks breakout attempt, and a monthly chart in Stage 4B-

           

So although quite extended short term after a strong month, things are looking more positive for Silver stocks currently, and we could be seeing the beginnings of a new Stage 2 advance in the silver stocks.